(Alliance News) - Condor Gold PLC on Tuesday said it has been granted an extension to complete conditions of an environmental permit for the La India project in Nicaragua.
Shares in Condor closed down 8.2% at 19.50 pence in London.
The extension was granted until July 27, 2021 and gives Condor more time to complete the necessary conditions of its "key environmental permit" needed for developing and extracting ore from the La India open pit.
Condor said it has also completed a mine schedule and waste sump schedule for the La India open pit, as well as sewage and water management studies.
Further, Condor has completed a forestry inventory plan to plant ten new trees for every tree cut down.
The miner also said tailings storage facility final engineering designs and most of the surface water management system for the mine are "in progress" and were awarded to Tierra Group Inc.
So far, half of Condor's offers to buy surface rights from landowners in the mine infrastructure have been accepted and designs for a fuel station to provide back-up power are nearly complete.
Chair & Chief Executive Mark Child said: "The objective is to de-risk La India project and complete all studies ahead of a construction decision, thereby making the project 'shovel ready'. Several studies have already been completed: mine schedule, waste dump schedule, water and sewage management study for the offices and accommodation for the processing plant, the forestry inventory and reforestation plan.
"Condor is fully engineering the tailings storage facility and surface water management system required for the mine, both studies are in progress. Offers have been made to buy the surface rights from all landowners within the mine site infrastructure, 50% have accepted. Designs for a fuel station for backup power are almost completed and studies to connect the processing plant to the electricity grid are underway."
By Anna Farley; annafarley@alliancenews.com
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Condor Gold (CNR)